U.S. probes BP for gas market manipulation

LONDON (Reuters) - BP said U.S. regulators were considering filing charges against it related to alleged manipulation of the gas market.

<p>A BP logo is seen on a petrol station in London November 2, 2010. REUTERS/Suzanne Plunkett</p>

“The U.S. Federal Energy Regulatory Commission (FERC) and the U.S. Commodity Futures Trading Commission (CFTC) are currently investigating several BP entities regarding trading in the next-day natural gas market at Houston Ship Channel during October and November 2008,” BP said on Wednesday.

The FERC’s enforcing body is now mulling whether to pursue charges against BP, which was prosecuted on propane market manipulation charges in 2006. BP paid around $300 million to settle those charges.

The news comes as BP is struggling to rebuild its business and reputation in the United States after causing the U.S.’s worst-ever oil spill last year in the Gulf of Mexico.